Many people in the crypto market find mining a tempting and attractive opportunity for passive income. Although mining, in the traditional sense, requires expensive hardware and significant power, people are still opting for cloud mining. Users simply choose a provider, invest in advance and wait for the mining platform to profit through cloud mining. Sounds easy, but is it that easy? Choosing the best cloud mining site takes a lot of work.
In this article, we have compiled a reliable list of top contenders for 2023, so potential miners can be confident and satisfied with their investment.
Cloud Mining Meaning:
Cloud mining is the process of mining cryptocurrency by renting processing power from a mining service provider or other sources. This traditional crypto-mining method often requires expensive computers, which consume a lot of electricity. Miners must purchase a certain amount of “hash power” from the service provider before joining a mining farm. In return, the service provider incentivizes miners based on their hashing ability.
A remote data center is used to share its processing power with tenants.
Cloud miners don’t have to worry about hardware management as it’s user-friendly for beginners.No need to worry about any noise, temperature, resource management, or energy consumption because all mining is done in the cloud! Miners will choose a contract that meets
their expectations by looking for a reputable cloud mining service provider.
The Purpose Of Cloud Mining Sites
Customers mine Bitcoin, Ethereum, and other cryptocurrencies through these service sites without installing hardware. Users of the platform participate in mining pools and buy hash power to avoid the need to purchase, install and maintain crypto mining rigs. Hashpower is when prospective crypto miners pay a cloud service provider upfront to start mining without investing their capital.
How Does Cryptomining Work?
Cryptocurrency mining does not involve any other mining, as with Bitcoin. Whether it’s locally or in the cloud, miners are also rewarded with brand new cryptocurrency tokens due to this process. Although the process is as vital as blockchain, it ensures security through a distributed ledger. Miners of cryptocurrencies add to the blockchain to verify the accuracy of transactions. Miners use hash power to solve cryptographic puzzles in a decentralized process that prevents double-spending. This peculiar feature of digital currency prevents Bitcoin miners from “double spending.”
The Best Cloud Mining Software: How To Select
Below is a short list of things to consider when choosing high-quality cloud mining software for a mining rig.
| Hardware | Some mining software designed to work only with certain graphics cards, so before purchasing the software, it needs to check whether it is compatible with the user’s hardware. The rest are built in line with recent hardware, such as ASICs. |
| Operating System | Most mining software is incompatible with Windows, Mac, and Linux. The compatibility of the software with the user’s operating system needs to check before purchasing. |
| Price | Whether crypto mining requires a one-time payment or a monthly service fee, the potential impact on profitability must be considered. Also, check if the software charges withdrawal fees and deposits bitcoins into its wallet. So before purchasing or downloading the software, one should check all its costs. |
| Interface | It needs to check and buy whether the Bitcoin mining software has a web-based interface or a graphical user interface. Because new users may need to learn how to use a command interface, in that case, the graphical user interface makes operations more straightforward. |
7+ Best Cloud Mining Websites:
As most people are familiar with Bitcoin mining, cloud mining is the most common form of crypto mining. So when there is a need to invest upfront, choosing a trusted mining site is essential. Here we have highlighted the best cloud mining sites in the market with your convenience in mind.
1. Genesis Mining– Best Cloud Mining For Beginners And Experts:
The site has been famous for its ease of depositing and withdrawing funds since its inception in 2013. This company uses six distinct mining algorithms that offer Bitcoin, Ethereum, Dash, Litecoin and more than ten cryptocurrencies. It is one of the highest-rated platforms.
The platform provides multiple mining plan types with four contracts with prices ranging from 6 to 24 months. Deals are sold in gold, platinum, diamond, and custom. They have done over 100 million crypto transactions in over 100 countries with 2 million customers served.
| Pros | Cons |
| Customer support is available round-the-clock. | No exchange for hash rate sells |
| Stable payments | |
| Services that have had a good reputation for a long time | |
| offer various payment and withdrawal options, including credit cards. |
2. Hashing24– Best Cloud Mining For Bitcoin:
Hashing 24, founded in 2015, is one of the most accessible cloud mining providers. Its mining software is straightforward to use, with 24/7 support for customers. It gives users access to real-world data centers. Also it automatically deposits the mined coins into the customer’s balance and provides him with real-world data center access.
The Hashing24 platform has been in the Bitcoin cloud mining market for ten years, with over 1000 coins mined and withdrawn by users with pride. Besides, the minimum deposit for its 12-month plan is $72.30, which gives miners focused on Bitcoin 1 TH/s.
| Pros | Cons |
| A free trial to simulate profits. | Only supports bitcoin mining. |
| Stable hash power | |
| Auctions and promotions every week | |
| Low risk of fraud |
3. Stormgain– Best Cloud Mining For New Investors:
Stormgain is state-of-the-art software that makes investing in digital currencies easy and intuitive. It offers a user-friendly dashboard to keep track of asset growth and decline. Users can monitor it directly from the platform interface. It also provides powerful charting tools to track price changes and trends.
The platform is established with multiple languages available and an accessible sign-up process from 2019. A smart anti-fraud engine is one of its best features. Also, mining rewards are distributed proportionally every 30 to 40 minutes.
| Pros | Cons |
| A reliable anti-fraud engine | There is no built-in bot to automate trading. |
| Stable payments. | The system needs to be properly regulated |
| to Support trade for various cryptocurrencies. | It is difficult to calculate the amount of the withdrawal. |
| Good customer service. |
4. BITDEER– Best For Providing Direct Deposits:
BITDEER is a trusted platform that offers various services through versatile cryptocurrencies. Here users earn cryptocurrency with a hash rate. Besides providing cloud mining, this multi-brand hash rate market helps investors buy and sell hash rates together. Apart from Bitcoin, this platform mines Ethereum, Bitcoin Cash, Litecoin and six other cryptocurrencies. It is also the best cloud mining site for people looking for a new cloud miner, with over 5 million visitors and 1 million active users from 200 countries.
| Pros | Cons |
| It provides cash and cryptocurrency payouts. | Packages are expensive for beginners. |
| It lets you set up automatic reinvestment. | |
| It posts updates on social media frequently. |
5. ECOS– Best For Its Operating System:
Founded in Free Economic Zone in 2007, ECOS is the most trusted cloud mining site in the crypto industry, used by more than 100,000 people worldwide. It is one of the DeFi platforms. It is the 1st legal mining platform. The company has established a contract with one of the leading electricity suppliers in Armenia, which supports Ripple, Ethereum, Litecoin, Tether and Bitcoin globally. But the mining function only supports Bitcoin.
| Pros | Cons |
| A free trial to simulate profits. | Only supports bitcoin mining. |
| Stable hash power | |
| Auctions and promotions weekly. | |
| Low risk of fraud |
6. Hashshiny– Best For Hashrate Application:
Founded in 2016, Hashshiny is easily the best profitable cloud mining software offering. New ASIC miners and GU rigs are used for its mining protocol. With full control permission, users can select switch on or off, which can control the mining process. Additionally, the platform provides live data by providing a graph with a hash rate.
It is simple to use as it works with Android and iOS devices. The initial investment is only $10, which is attractive to investors for cryptocurrency wallets and PayPal.
| Pros | Cons |
| A low minimum investment | Can be quite expensive as compared to the competitors’ |
| Daily payouts and low maintenance costs. | |
| Real-time mining hash rate | |
| Also offers PayPal and cryptocurrency wallet payment options. |
7. BeMine:
BeMine brings together data center and equipment owners to mine crypto online, providing innovative flagship services to users. As cloud mining services have been expanding rapidly since 2018, they offer a streamlined and accessible mining process that is an efficient, secure method of energy consumption.
A utility token, Pawā, is its program that allows users to get discounts on purchases of both equipment and mining services. Pawa tokens reduce equipment purchase and maintenance costs by up to 45%.
BeMine aims to disrupt and improve the security and transparency of the cloud mining industry. So supports cloud mining with defi.
| Pros | Cons |
| Users can purchase part of ASIC miners. | Need to services rank higher for customer service. |
| Minimizes electricity usage in mining. | |
| Profitability calculator. | |
| No deposit fees. |
8. KuCoin:
kucoin is a world-renowned cryptocurrency widely known for its easy-to-use global exchange. It was published in September 2017. Provides users with various facilities, including lending, staking, P2P trading, futures and spot trading. Kucoin is a new service with more than 600 cryptocurrencies used in 200 countries, which aims to be a high-performance mining pool like the most significant mining pool contributing to multiple blockchains that support Bitcoin.
| Pros | Cons |
| Does not regulate exchange under any financial regulatory agency. | Support only mining BTC, and BCH |
| Does not ask for fees of revenue from mining. | Limited features for US users |
| Trusted platform | that does not support withdrawing fiat |
In the shortlist to select cloud mining:
| Name | Price | Supported coins | Short details |
| 1. Genesis Mining | Minimum of $500 investment | BTC, DASH, LTC, XMR, ZEC | Depending on the crypto package – $16 to $7,699 (different packages) for Bitcoin mining and $500 for Ethereum mining. |
| 2.Hashing24 | 0.00192480 BTC | BTC | 12 months 0.00288721 BTC /18 months 0.00384961 BTC /24 months |
| 3. Stormgain | free | BTC | Trading Commission only |
| 4. BITDEER | Minimum investment of $542 | BTC, BCH, FIL, ZEC, CKB, HNS, DOGE | Antminer S19 Pro Plan with 50 TH/s |
| 5.ECOS | $150 minimum | BTC | Plan to start at $0.75 TH/S per month. |
| 6. Hashshiny | Minimum $10 investment | BTC, LTC, ETC, DASH, DCR, ZEC, DOGE | maintenance fee of $0.15-0.95 per (GH/ TH/ KH)/s depending on the hashing algorithm |
| 7. Bemine | $44.22, | Bitcoin and coins using the Ethash and Scrypt algorithms, | the cost of electricity is $0.057 kW/h, security and service is free |
| 8. Kucoin | 2% | BTC & BCH | FPPS settlement guarantees mining income |
Conclusion
Analyzing the different types of cloud mining platforms and finding the best sites with a proven track record of successful payouts and customer reviews is possible. Nowadays, many mining platforms are scams, so you must research the best site before choosing the right mining site for your needs. Finding a stable paying and transparent hash rate token is also significant. Cloud mining will be rewarding when you follow sound risk management practices, choose a reputable company, and invest money you’re comfortable losing. As the future of mining looms large, the validity of the technology is a big question.
This article has discussed some reliable sites with notable features to help you find the best cloud mining sites easily and free you from extensive market research.
Scroll up to learn more about your options!